Claude maker Anthropic said in a regulatory filing on November 10, 2026, that it will sell 825 million shares priced between $70 and $78 each. The offering targets a valuation of about $1.3 trillion and a Nasdaq debut under the ticker ANT. The listing comes despite warnings in the company’s own filings about catastrophic risks from advanced AI.
The filing sets out a share sale that could be one of the largest initial public offerings on record. At the midpoint of the range, the offering would raise more than $61 billion. Goldman Sachs and Morgan Stanley are the lead banks, alongside 20 other underwriters, and Morgan Stanley will act as stabilisation agent overseeing early trading.
The timing puts the listing ahead of a busy period for AI stocks. The shares are expected to list before Thanksgiving, and the offering could eclipse the roughly $86 billion that SpaceX raised in its June listing. A successful debut would also put Anthropic ahead of rival OpenAI, which is expected to go public later.
The valuation has already moved. Earlier reports suggested Anthropic might seek about $2 trillion, but some investors were reportedly valuing the company at about $1.5 trillion after it disclosed financial details at an investor event. Analysts at PitchBook have since valued the company well below the earlier figure.
The risk disclosures in the company’s IPO filing are unusually detailed. The 92 pages of risk factors are roughly three times longer than SpaceX’s, and they warn that advanced AI could pose “catastrophic or existential risks to humanity.” The disclosures also cover rogue AI behaviour, rising computing costs and government intervention.
Some of the risks are described from the company’s own testing. Anthropic’s research, as described in the filing, has shown controlled AI systems engaging in code sabotage, fraud assistance and information manipulation. Those results give investors a concrete picture of the safety challenges the company says it faces.
The financial commitments are also significant. A PitchBook analyst, Rolfes, has warned that obligations exceeding $600 billion before 2031 would push the company’s valuation below $1.3 trillion, depending on when those payments fall due. The sums involved are large enough that the timing of payments could matter as much as the headline valuation.
Concerns about the industry have also surfaced from inside the company. A 27-year-old AI researcher has said he resigned from Anthropic over concerns about how powerful AI is being developed, warning that advanced systems could pose catastrophic risks. Such departures add to questions about how the company balances speed and safety.
The wider AI market has also become more cautious. SoftBank reported a $7 billion loss as the AI trade faltered, and SpaceX’s shares have lost about a quarter of their value since peaking. Anthropic’s listing will therefore test whether investors are still willing to pay premium prices for AI companies.
The next signals will be the final pricing, expected in the coming weeks, and how the shares trade in their first sessions on Nasdaq. Investors will also watch the company’s first results as a listed business and how its valuation compares with OpenAI’s expected debut.
